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Dec 31, 2019
ProAssurance Q4 2019 Earnings Report
ProAssurance reported results decreased due to underwriting results on a large national healthcare account and restructuring efforts.
Key Takeaways
ProAssurance Corporation reported a net loss of $59.375 million for Q4 2019, compared to a net loss of $24.450 million in Q4 2018. The results were negatively affected by underwriting results on a large national healthcare account within the Specialty Property & Casualty segment.
Results for the quarter were negatively affected by underwriting results on a large national healthcare account written in the Specialty Property & Casualty segment.
Adverse development of approximately $44.5 million in prior accident year reserves.
Consolidated net premiums earned for the quarter increased $12.4 million, or 6.1%, from the year-ago quarter to $214.4 million.
Net realized investment gains were $12.8 million, compared to losses of $46.1 million in the prior-year period.
Revenue by Segment
Forward Guidance
ProAssurance anticipates transformative changes with the NORCAL transaction, focusing on balance sheet integrity, organizational efficiency, and growth.
Positive Outlook
- Market is beginning to harden in the healthcare professional liability line.
- Core physicians book of business continues to perform as expected.
- Workers’ Compensation Insurance segment reported strong results despite a highly competitive marketplace.
- Potential to be a transformative year with our announcement of the NORCAL transaction.
- Focus on becoming a more efficient and effective organization.
Challenges Ahead
- 2019 results were not acceptable.
- Evolving property & casualty landscape remains challenging in the near term.
- Navigating challenges presented by large and complex medical groups.
- Reserve adjustments recorded in the fourth quarter in Specialty P&C segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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